ECONOMY

Shipping Report

TANKERS VLCCs rates out of the Arabian Gulf appear to be ready for higher numbers, with the most recent fixtures at W/S 75 for 260,000 tons of cargo with destination East. – Suezmaxes out of West Africa are quieter, with BP having fixed M/T «Glen Maye» for 130,000 tons of cargo, loading June 25, discharging Mediterranean, at W/S 142.5. – Aframax rates in the Mediterranean are still firm, mainly due to activity out of the Black Sea. There are reports that a rate in the region of W/S 210 has been achieved out of this particular area. – The Cont. market remains steady, mainly due to inquiry from the Baltic. Transatlantic rates continue to be firm. – Caribs are at higher levels, with the latest fixtures of 70,000 tons of cargo at W/S 240. – In the Mediterranean, Karran for 80,000 tons of cargo, loading June 19 Russia, discharging Med., has fixed M/T «Armata» at W/S 140. – In the Cont., J&S for 100,000 tons of cargo, loading June 16 Poland, discharging UKC, has fixed M/T «Bergitta» at W/S 150. – In Caribs, Exxonmobil for 70,000 tons of cargo, loading June 13 at East Coast Mexico, discharging US Gulf, has fixed M/T «Bornes» W/S 230. DRY CARGO The slow start of the week continues, with the only Panamaxes in the Atlantic showing a slight improvement. MSK has fixed Bulfracht tonnage for 54,000 tons of grain loading June 19-30 US Gulf discharging Japan at the steady levels of USD 31.25 per ton, while Panocean has fixed M/V «Full Beauty» 70,108 dwt, built 1994, delivery US Gulf redelivery Far East at USD 16,800 daily and USD 350,000 ballast bonus. – In the East, and in spite of the availability of early ships, some fixtures are being concluded at interesting numbers. Pan Ocean has fixed M/V «Big Sky» 69,189 dwt, built 1994, delivery Japan June 6-8 redelivery Far East at USD 16,750 daily. – Handymax / Handies in both areas are still fixed at lower freight rates. – On Panamaxes in the Far East, Transfield has fixed M/V «Pacmonarch» 74,381 dwt, built 2000, delivery Malaisia June 1-6 trip via W. Australia redelivery China at USD 17,500 daily. – In the Atlantic, Pan Ocean has fixed M/V «Fen Jin Hai» 69,973 dwt, built 1995, delivery Passero beg. June trip via Brazil redelivery Far East at USD 16,500 daily. – On smaller sizes, Kroon has fixed M/V «Explorer II» 44,969 dwt, built 1983, delivery June 15-30 S. Africa redelivery US Gulf at USD 11,900 daily.